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Repossession
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
11,694 Questions
What happens if you sell your car and the new owner keeps the title in your name?
In some (most?) states, both the seller and the buyer are supposed to notify the state of the transfer of ownership. As long as you've done your part of the deal, it's the buyer's problem.
How do you sign over the title on totaled car?
Sign off on your part as the seller on the title itself just like you were selling it to anyone else.
Well, if the car was totaled once it's worth 40% less than a comparable clean titled car. Since you haven't stated if the last two accidents were also totals (probably not) and the repairs were top notch and the car is unaffected by the two accidents, not much should change the cost of the car. If it was totaled a second time the car is not worth that much, probably 35% of a comparable clean titled car.
How long do you have to return a motorcycle to the dealer?
depends on your contract agreement and if it was under warranty. most likely you can return it if you talk to the dealer.
Can you trade your car in for an inexpensive one?
Yes, but you will still have to make payments on the car being turned in if you don't have 'clear title'.
Where were license plates invented?
According to the various sources brought in the Answers.com page at http://www.answers.com/topic/license-plate there is some debate as to who was actually the first to institute license plates. It appears that the Netherlands were the first to introduce a plate in 1898. New York has been requiring plates since 1901, but they didn't issue standard plates. The first States to issue standard plates were Massachusetts and West Virginia in 1903.
How do you get new title if car did not come with one?
All vehicles have a title. You should have never bought a car without receiving the title. Demand the title from the seller. If he does not have one, take him in tow to your local DMV and request a duplicate title.
Can a used car be sold without airbags in Tennessee?
yes it can be sold as long as that person doesnt care and buys it any way, but it might be alegal to drive a car with out airbags, but you can sell it.
doing what you suggest will only dig your financial hole even deeper. You are obligated to pay the balance owed on the loan. You will owe that amount until you pay it off or declare B/K. Dont listen to the car salespersons hype. they ONLY want to sell you a car, not correct your bad credit rating.
Goes on your credit as a repossession.
If you have a dealer's license how do you start doing in-house financing?
ahhh...Don't know if anyone is gonna just give out that kind of info There are many ways. I do no interest no credit check financing In house www.alpinmotorswyoming.com
When a car is traded in who becomes the registered owner?
Since when traded in the car lot becomes Legel owner, Until the previos owner or car lot sends info to state, records will show sellers name as registered owner until the vehicles is sold or State gets the info.
How long it take to get a car dealer license?
== == It takes a simple test and also to wait out the waiting period to get a dealer license. Obviously, it depends on the state issuing the dealer license. Other factors such as getting all of your business information in order will affect the time as well. In Florida, expect to wait two weeks for your license after submitting your application. The caveat to this is that getting to the point of submitting your application may take substantially longer.
How a car may be sold with two names on the title depends on the local law where you live. In the United States, property law varies from state to state. On some questions it is possible to walk 10 feet and the correct answer changes from yes to no.
Can the next of kin of my Friend sell me the deceased car if the title is in the deceased name?
You need to inquire at your state DMV to determine how to transfer the title properly.
How much to repossess heavy equipment?
Varies, dependent on a number of factors, such as what the equipment is, how much it weighs, what assets are needed to repossess it, etc. Without having specifics, it is, however, safe to say you're looking at a cost in the thousands.
Can a car be repossessed if two names on title and one person took out loan?
Yes. How many names are on the title and/or the loan means absolutely nothing... so long as there is a lien on that vehicle, that lienholder is the sole lawful owner of that vehicle, and can repossess it as recourse for delinquent payments.
Is it legal to sell used cars with no spare tires without telling the buyer?
It may not be illegal but IMO it is immoral. Why not just be an honest used car salesman and tell the buyer there is no spare tire? It is not like it is going to make or break the sale. We have enough dishonest people out there trying to get away with something and for sure do not need another one. Or why not just go to a salvage yard and get a spare for the car? Would you want a car dealer to do this to you?
Can you have a car loan in one name and title the vehicle in another name?
The loan originator might frown on that. The entity issuing the loan must be assured that the assignee is reliable. They issued a loan to that person. Placing another name on the title might make a case for fraud. That isn't generally the kind of trouble folks invite, even if there is a logical reason for desiring a different name on the title. If a vehicle is titled under another name, it strips the loan company of some or much of its assurance as to who they can go to in the event repossession is necessary. (They have to think in terms of "what if" to stay in business.) The particulars may be covered in the fine print on a loan contract. It's highly improbable that a loan company would even consider the request. The dealer from whom the title is transferred must abide by the loan agency's wishes since they'll be handling the paperwork and must represent the loan company (as well as the buyer) fairly. That dealer won't probably want to dance around a possible fraud issue. If a loan is granted for a private party sale, the loaning agency will take care of the paperwork and title will go to the assignee of the loan. (The latter might be the case when a credit union appraises a vehicle for sale from a private party and grants a loan to a member to purchase that unit.) As always, good luck.
I have found that you can add a name to the registration of the vehicle to allow another person to drive the vehicle. There is a difference between the title and the registration. You can own a car and register it someone else that includes vehicles with loans. As long as you are still the main registered owner the banks will normally not cause a fuss.
Update:
Answer: Yes as stated on above user, you can add someone to the registration so that person can drive the car but they are not allowed to be on the title of the car until the loan is paid off and the new owner who gave you the car to drive signs over the title over to the person who is driving it. I suggest you write up a legal document to make sure this person is making payments for you if he is driving the car for extended amount of time (If they are taking over payments that is).
How do you get a car title for a car that you dont know where the owner is?
In California you can go to the D.M.V. ( division of motor vehicles) and file a car abandonment. You will need the vin # which is 18 numbers for newer cars They will have you pay all back fees, up to three years.
In California you can go to the D.M.V. ( division of motor vehicles) and file a car abandonment. You will need the vin # which is 18 numbers for newer cars They will have you pay all back fees, up to three years.
If you have a vehicle repossessed will it go back to the dealer or will the dealer be notified?
Thats depends on the agreement between the lender and the dealer.
No once the deal is financed the dealer is out of the picture except for repairs etc.The process goes like this: Vol surrender will intail you agreeing to a time and date for a recovery company to come get the vehicle. In-vol repo the vehicle is picked up when it is found by the recovery company (repo man).The vehicle will be towed to a lot and store and cleaned for auction. You may have a opportunity to re claim the vehicle at this time by bring the account current depending on the lender. At aution the vehicle will be sold at wholesale and the remaining balance if any will be sent to a third party collection agency and collection efforts will begin against you. In some cases the dealer may have to pay for your default but that is pretty rare.
Can a vehicle with a Certificate of Destruction be registered in any state?
They can not in Tennessee
Can boat motors be repoed in Florida since they have no title?
I honestly dont know BUT they have a SERIAL number. Soo they can be identified as collateral for a loan and traced as stolen. Might be hard to find a serial number quietly to repo the rught notor.
Boats can be repossessed in Florida if the serial number (hull number) is listed as collateral on the loan documents. HOWEVER - If the motor and trailer serial numbers are not listed as collateral in the loan documents, those items might not be considered as collateralized.
